Kingbridge Range Company Has Sales in 2014 of $2,650,000

Essay

Kingbridge Range Company has sales in 2014 of $2,650,000. During the year, the company had $50,000 in sales returns and $30,000 in sales discounts. The cost of these sales was $1,800,000. Operating expenses excluding salaries and wages were $150,000 and salaries and wages incurred during the year were $300,000. Kingbridge uses a perpetual inventory system.
Instructions
Prepare a multiple-step income statement for Kingbridge Range Company for the year ended December 31, 2014.